Begin Your Journey

At the Heritage College, you’ll balance intense academic study with firsthand clinical experience right from the start, with an emphasis on compassion that will attune you to the true needs of patients

Eye Opener

As a medical student and a future doctor, loans are going to be a big part of your life. Whether this is the first time that you have borrowed student loans or if you have loans from your undergraduate or graduate years, it is important that you know as much as possible about how to manage your loan package. To accomplish this, you have to build up awareness about the end result of borrowing student loans – the repayment years. As a result of completing the Eye-Opener exercise, you will be provided with the monthly repayment amount of all of your student loans.

Before you get started here are some helpful tips…

When projecting your medical school borrowing, estimate how much you will need to borrow to meet your tuition, fees and living expenses. Note: Anticipate at least a 5% increase in tuition and fees annually. Also, note the maximum annual amount of Federal Stafford loan money that you can borrow for each year is:

Year 1 and 2

Year 3 and 4

Loans may be needed to make up any difference between Federal Stafford loans and your estimated projections. Important: You will not be able to borrow student financial aid in excess of the educational budget posted for the current year.
The Interest rate for the Stafford and Grad Plus are variable and may change every year *

Instructions to Complete the Eye Opener

Step One - Estimate future loan balances:

Fill out the
Amount To Borrow
section with the amount you plan to borrow throughout your medical education. Calculate combined balances, totals and interest by clicking on the button
"Click to Calculate".

Historical Interest rates:

2012-13 - Unsubsidized loan was 6.8% and Grad Plus loan was 7.9%.

2013-14 - Unsubsidized loan was 5.41% and Grad Plus loan was 6.41%.

2014-15 - Unsubsidized loan is 6.21% and Grad Plus is 7.21%.

2015-16 - Unsubsidized loan is 5.84% and Grad Plus is 6.84%.

2016-17 - Unsubsidized loan is 5.31% and Grad Plus is 6.31%.

2017-18-
Unsubsidized loan is 6% and Grad Plus is 7%

2018-19- Unsubsidized loan is 6.595% and Grad Plus is 7.595%

2019-20 - Federal Government releases rates typically in May of each year, however, the maximum interest rate for Unsubsidized loan is 9.50% and for Grad PLUS, the maximum interest rate is 10.50%.

Step Two - Print and Submit:

Fill in your PID number, the year you will graduate from OU-HCOM, and current status.

Fill out your name and email address.

Print a copy of the Eye Opener for your records.

Click on 'Continue' to finish the process.

Undergraduate Loans:

If you have student loans prior to medical school, determine the principal amounts. Review your records or access the National Student Loan
Database System (NSLDS) at
http://www.nslds.ed.gov/
(This link will open a new browser
window, if you have pop-up blocker, hold down the 'ctrl' key then click on this link) and request a PIN to determine the amounts of your
previous student loans.

Select the range that includes your Undergraduate Loans:

Medical School Loan Estimates:

NOTE: If a field is left blank it will be treated as a 0.

Year One

Projected Amount to Borrow (Principal)

Principal + Interest accrued while in School (New Loan Balance)

Federal Unsubsidized Stafford
(@
% interest)

$

$

Grad Plus
(@
% interest)

$

$

Year Two

Projected Amount to Borrow (Principal)

Principal + Interest accrued while in School (New Loan Balance)

Federal Unsubsidized Stafford
(@
% interest)

$

$

Grad Plus
(@
% interest)

$

$

Year Three

Projected Amount to Borrow (Principal)

Principal + Interest accrued while in School (New Loan Balance)

Federal Unsubsidized Stafford
(@
% interest)

$

$

Grad Plus
(@
% interest)

$

$

Year Four

Projected Amount to Borrow (Principal)

Principal + Interest accrued while in School (New Loan Balance)

Federal Unsubsidized Stafford
(@
% interest)

$

$

Grad Plus
(@
% interest)

$

$

To calculate Combined Balances, Totals and Interest
(Remember: if you change any of the above amounts after calculating the totals, you must recalculate):

Here are some numbers for you to remember:

Total Principal Amount Borrowed (P): $

Interest Accrued while in School (I): $

Combined Total of New Balances (P + I): $

Over a Loan Term ofyears (since your graduation) at the Interest Rate of% you will pay:

Total Interest: $

Total Cumulative Repayment of: $

Your Monthly Loan Payments will be: $

NOTE:
These results assume that loans are not capitalizing the interest while in school. If the student is capitalizing
interest, the cumulative payments and total interest charges will be higher than shown here.